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{\LARGE\bfseries Faster, Wider, More Fragile?}\\[8pt]
{\Large\bfseries The Evolution of Intraday Shock Propagation\\[2pt]
in U.S. Equity Markets, 1992--2026}\\[3em]

{\large\bfseries Simon-Pierre Boucher}\footnote{Corresponding author.
E-mail: \href{mailto:simon-pierre.boucher@uqo.ca}{simon-pierre.boucher@uqo.ca}.}\\[1em]
Professeur\\
D\'epartement des sciences administratives\\
Universit\'e du Qu\'ebec en Outaouais\\
Pavillon Alexandre-Tach\'e\\
283, boulevard Alexandre-Tach\'e\\
Gatineau (Qu\'ebec), Canada, J9A 1L8\\[2.5em]

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\noindent\textbf{Keywords:} Intraday shock propagation; market fragility;
high-frequency data; contagion; co-jumps; Epps effect; market microstructure.\\[4pt]
\noindent\textbf{JEL classification:} G10; G12; G14.

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\section*{CRediT authorship contribution statement}

\noindent\textbf{Simon-Pierre Boucher:} \textit{Conceptualization} --- posed
the research question, formulated the central hypothesis on the asymmetric
evolution of shock absorption and transmission, and designed the overall
research program; \textit{Methodology} --- developed the shock-identification
framework (leave-one-out residualization with strictly lagged loadings and
robust seasonal standardization), the matched-placebo
difference-in-differences estimand, the network-differential design, and the
day-block bootstrap inference; \textit{Software} --- wrote the full analysis
pipeline, from checksum-verified data acquisition through event detection,
estimation, and automated table and figure generation; \textit{Validation}
--- designed and executed the multi-stage data audit (calendar, timezone,
integrity, corporate actions, survivorship) and the falsification battery
(pre-event tests, placebo networks, announcement-window and tick-regime
exclusions); \textit{Formal analysis} --- carried out all estimations and
robustness analyses; \textit{Investigation} --- conducted the event-level
study of 1.85 million idiosyncratic shocks and the systemic co-jump analysis;
\textit{Data curation} --- constructed the cleaned minute panel, the
ticker-spell identity map, the lagged trading universes, and the
corporate-action screens, with complete manifests and checksums;
\textit{Writing -- original draft} --- wrote the manuscript;
\textit{Writing -- review \& editing} --- revised the manuscript;
\textit{Visualization} --- designed and produced all figures.

\section*{Declaration of competing interest}

The author declares that he has no known competing financial interests or
personal relationships that could have appeared to influence the work
reported in this paper.

\section*{Funding}

This research did not receive any specific grant from funding agencies in the
public, commercial, or not-for-profit sectors.

\section*{Data availability}

The underlying market data were originally sourced from Finnhub.io
(\url{https://finnhub.io}). The aggregated monthly archive used in this study
is publicly accessible; the exact byte-level snapshot is pinned and
checksum-verified. Complete replication materials---code, configuration,
manifests, machine-readable results, and figure source data---accompany the
paper and permit regeneration of every number in the manuscript from the raw
data.

\section*{Declarations}

The manuscript is the author's original work, has not been published
previously, and is not under consideration by any other journal. All results
reported are generated programmatically from the accompanying replication
package; no result has been selectively omitted.
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